Groupon CEO Mason offers to step down

Groupon Inc Chief Executive Andrew Mason, under fire for a plunging share price and tapering growth, declared on Wednesday he would fire himself if he ever thought he was the wrong man for the job.

Mason, whose performance at the helm will come under scrutiny from his board of directors during a regular board meeting Thursday, said it would be "weird" if they did not. But he said he believed the board was comfortable with his strategy.

Shares in the company, once touted as innovating local business advertising t hrough the marketing of Internet discounts on everything from spa treatments to dining, surged 8 percent to $4.25 i n the afternoon.

"It would be more noteworthy if the board wasn't discussing whether I'm the right guy for the job," Mason said in an interview from a Business Insider conference in New York. "If I ever thought I wasn't the right guy for the job, I'd be the first person to fire myself."

"As the founder and creator of Groupon, as a large shareholder ... I care far more about the success of the business than I do about my role as CEO," he said.

Groupon has shed four-fifths of its value since its public trading debut as an investor favorite during last year's consumer dotcom IPO boom, and Mason himself has presided over a string of high-profile executive departures.

Wall Street has grown uneasy about the viability of its business as fever for daily deals has cooled among consumers and merchants, hurting its growth rate.

In the interview broadcast from the conference, the outspoken and sometimes-zany co-founder argued his company was going through a period of volatility but believed it was on the right path. Groupon's efforts to reduce its reliance on plain vanilla deals include bumping up its "Goods" retail business, increasing the selection of "persistent" or long-running deals, and allowing users to search for such deals on demand.

Shares in Groupon spiked after the interview and were up 8 p ercent at $4.2 6, still way below its $20 market debut price.

Groupon and rivals in the daily deals business, like Amazon.com-backed LivingSocial, were supposed to change the very nature of small-business advertising. Instead, they were forced to revamp their business models as evidence mounts that their strategy was flawed.

This month, Groupon reported another quarter of disappointing earnings, and its stock went as low as $2.60 on Nov. 12.

Europe has been a particular problem for Groupon, partly because the sovereign debt crisis has sapped demand for higher-priced deals. Groupon was also offering steeper discounts, turning off some European merchants.

International revenue, which includes Europe, grew just 3 percent to $277 million in the third quarter, while North American revenue surged 80 percent to $292 million.

Adding to its difficulties, the U.S. Securities and Exchange Commission is looking into Groupon's accounting and disclosures, areas that raised questions among some analysts during its IPO.

But Mason shrugged off speculation that the company might run into a cash crunch and go bankrupt. The company has said it had $1.2 billion in cash and equivalents with no long-term debt.

"There was a period when those stories started that I'd go to my CFO and say: 'How would that happen, walk me through what would be required for us to actually go bankrupt'," Mason said. "And it's like an end of days, apocalyptic scenario. The business would have to go into severe negative growth for something like this. The scenario is so absurd there's no evidence for it."

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Durbin to progressives: Taxing rich won't solve our problems

WASHINGTON – A top Democrat pressured fellow progressives Tuesday to support – rather than fight – a far-reaching budget deal that includes cuts to entitlement programs after resolving  the upcoming fiscal cliff.

“We can't be so naive to believe that just taxing the rich will solve our problems,” said Sen. Richard Durbin of Illinois, the No. 2 Democrat in the Senate. “Put everything on the table. Repeat. Everything on the table.”

The assistant majority leader’s speech at the influential Center for American Progress comes at a pivotal moment in budget talks between the White House and Congress. Progressive and labor groups have warned President Obama against cuts to Medicare, Medicaid and other government programs and to instead focus on raising tax revenue in the administration’s negotiations with congressional Republicans.

The White House and Capitol Hill are working to prevent the combination of automatic tax hikes and deep spending cuts coming at year’s end – what economists have warned would be a $500-billion hit to the economy that could spark another recession.

Durbin, a top progressive, has long angled for a broad deficit-reduction deal after having served on the White House’s nonpartisan fiscal commission that devised $4 trillion in new taxes and spending cuts to curb the nation’s debt load. Experts say such a large package is needed to stop record deficits and improve the nation’s fiscal outlook.

In remarks that strayed from his prepared comments, Durbin told the story of a labor leader who questioned his interest in serving on that 2010 panel, asking, “What is a nice progressive like you doing in a place like that?”

Durbin responded by saying it was better to have a seat at the table, a position he reiterated as he tried to prevent a schism among Democrats’ traditional allies while talks continue toward the year-end deadline.

“Progressives cannot afford to stand on the sidelines in this fiscal debate and deny the obvious,” Durbin said.

Already, a coalition of liberal groups is running ads warning Obama against striking a deal with Republicans that would slash social safety net programs while allowing tax breaks for wealthier households to continue.

White House Press Secretary Jay Carney said Tuesday that negotiations over Social Security should occur separately from deficit negotiations.

"We should address the drivers of the deficit," he told reporters, "and Social Security is not currently a driver of the deficit."

[For the Record, 6:02 p.m. PST  Nov. 27: This post has been updated to include the latest reaction from the White House. In addition, the lead has been corrected to make clear that Durbin wants the entitlement negotiations separate from a deal on the fiscal cliff.]

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lisa.mascaro@latimes.com

Twitter: @LisaMascaroinDC

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Microsoft sold 40 million Windows 8 licenses in month: exec

SEATTLE (Reuters) - Microsoft Corp has sold 40 million Windows 8 licenses in the month since the launch, according to one of the new co-heads of the Windows unit, setting a faster pace than Windows 7 three years ago.

The sales number represents a solid but unspectacular start for the touch-friendly operating system designed to combat Apple Inc's and Google Inc's domination of mobile computing, which has shunted aside PCs in favor of iPads and smartphones.

Tami Reller, finance and marketing head of the Windows business, did not give a precise comparison, but sales of 40 million licenses for Windows 8, launched on October 26, appear to be ahead of Windows 7, which sold just over 60 million units in the first 10 weeks on sale at the end of 2009.

Reller did not break down the Windows 8 license sales between relatively cheap upgrades and purchases of new machines running the new software, but suggested much of the growth was coming from upgrades.

"Windows 8 upgrade momentum is outpacing that of Windows 7," said Reller, speaking at an investor conference held by Credit Suisse. Upgrading to Windows 8 costs $40, compared to $70 for the full software package or hundreds of dollars for a new PC.

The latest figure does not mean that 40 million users have adopted Windows 8. Many of the sales are to PC manufacturers, who in turn sell a large number of machines to companies, very few of which are using Windows 8 yet.

According to tech research firm StatCounter, about 1 percent of the world's 1.5 billion or so personal computers - making a total of around 15 million - are actually running Windows 8.

Reller did not disclose sales of Microsoft's new Surface tablet, its first-ever own-brand PC, designed to challenge the iPad head on.

The first Surface, based on a chip designed by ARM Holdings Plc, does not run old versions of Microsoft programs. A slightly bigger version based on an Intel Corp chip that will run the full Windows 8 Pro operating system and be fully compatible with the Office suite of applications will be available in January, Reller said.

The investor conference was the first public appearance for Reller since she was named as one of two executives to run the Windows unit after president Steven Sinofsky unexpectedly left two weeks ago. Julie Larson-Green heads the engineering side of Windows.

Reller said the Windows unit had survived Sinofsky's surprise departure.

"The team holistically is in great, great shape. And the product is in great shape," she said, responding to a question from a Credit Suisse analyst. "I think transitions are always somewhat of a challenge, but I think that timing-wise it is a reasonable time, and the team is busy."

Earlier in the day, Microsoft said it had sold more than 750,000 Xbox game consoles in the United States last week, including the day after Thanksgiving, one of the country's biggest shopping days.

That is down from 960,000 sales in the same week a year ago, in line with reduced computer game spending across the board this year, as gamers hold off on purchases in the tight economy and move toward free online games.

(Reporting by Bill Rigby; Editing by Gary Hill, Andre Grenon and Bernard Orr)

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Bonds, Clemens, Sosa set to show up on Hall ballot

NEW YORK (AP) — Barry Bonds, Roger Clemens and Sammy Sosa are set to show up on the Hall of Fame ballot for the first time, and fans will soon find out whether drug allegations block the former stars from reaching baseball's shrine.

The 2013 ballot will be announced Wednesday.

Craig Biggio, Mike Piazza and Curt Schilling are certain to be among the other first-time eligibles. Jack Morris, Jeff Bagwell and Tim Raines are the top holdover candidates.

Longtime members of the Baseball Writers' Association of America will vote through next month. The much-awaited results will be announced Jan. 9, with players needing to be listed on 75 percent of the ballots to gain induction.

The upcoming election is certain to fuel the most polarizing Hall debate since career hits leader Pete Rose's betting problems put him on baseball's permanently ineligible list, barring him from the BBWAA ballot.

Bonds, Clemens and Sosa each posted some of the biggest numbers in the game's history, but all were tainted by accusations that they used performance-enhancing drugs.

Bonds is baseball's all-time home runs leader with 762 and won a record seven MVP awards. Clemens ranks ninth in career wins with 354 and took home a record seven Cy Young Awards. Sosa is eighth on the home run chart with 609.

Fans, players and Hall of Fame members have all chimed in about whether stars who supposedly juiced up during the Steroids Era should make it to Cooperstown.

Many of those opposed say drug cheats should never be afforded baseball's highest individual honors. Others on the opposite side claim the use of performance-enhancing drugs was pervasive in the 1980s and 1990s, and shouldn't disqualify candidates.

If recent voting for the Hall is any indication, the odds are solidly stacked against Bonds, Clemens and Sosa.

Mark McGwire is 10th on the career home run list with 583, but has never received even 24 percent in his six tries. Big Mac has admitted using steroids and human growth hormone.

Rafael Palmeiro is among only four players with 500 homers and 3,000 hits, yet has gotten a high of 12.6 percent in his two years on the ballot. Palmeiro drew a 10-day suspension in 2005 after a positive test for performance-enhancing drugs, and said the result was due to a vitamin vial given to him by teammate Miguel Tejada.

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Ex-Elmo puppeteer faces new sex-with-minor allegation

NEW YORK (Reuters) – The puppeteer formerly behind the “Sesame Street” character Elmo faces a new accusation of having sex with an underage boy, a week after a similar allegation prompted him to resign from the iconic public television children’s program.

In a lawsuit filed Tuesday in U.S. District Court in Manhattan, a man identified only as John alleges Kevin Clash engaged in oral sex and other sex acts with him when John was 16 years old. The suit seeks at least $ 75,000 in damages.

The suit alleges the incident occurred in either 2000 or 2001 when John, who is from Florida, visited New York for modeling opportunities. John came to know Clash, then 40, through a telephone chat line for gays on which Clash claimed to be a 30-year-old named Craig, according to the suit.

John returned to New York when he turned 18, and he and Clash renewed the relationship, the lawsuit said.

“Mr. Clash believes the lawsuit has no merit,” Clash’s publicist, Risa B. Heller, said in an emailed statement.

It is the latest charge levied against Clash, now 52, who resigned on November 20 from Sesame Workshop, the company behind “Sesame Street,” after nearly 30 years on the show.

His resignation came the same day Cecil Singleton filed a claim seeking more than $ 5 million in damages from Clash. Singleton claims he met the then-32-year-old puppeteer in 1993 in a gay chat room when he was 15.

It added that on numerous occasions over a period of years Clash engaged in sexual activity with Singleton.

The newest allegation comes about two weeks after another man recanted his claims that Clash had sex with him when he was 16 years old. The man later said the relationship was consensual.

Clash had denied the allegations and acknowledged a past relationship with his first accuser. He added the pair were both consenting adults at the time.

The Elmo character debuted on “Sesame Street” in 1979, 10 years after the show premiered and introduced the now-iconic characters Big Bird, Bert and Ernie, Oscar the Grouch and Cookie Monster, among others, to American children.

While Clash was the third performer to animate the child-like shaggy red monster, Sesame Workshop credits him with turning Elmo into the international sensation he became.

(Reporting by Dan Burns; Editing by Paul Thomasch and Cynthia Osterman)

Celebrity News Headlines – Yahoo! News

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CDC: HIV spread high in young gay males

NEW YORK (AP) — Health officials say 1 in 5 new HIV infections occur in a tiny segment of the population — young men who are gay or bisexual.

The government on Tuesday released new numbers that spotlight how the spread of the AIDS virus is heavily concentrated in young males who have sex with other males. Only about a quarter of new infections in the 13-to-24 age group are from injecting drugs or heterosexual sex.

The Centers for Disease Control and Prevention said blacks represented more than half of new infections in youths. The estimates are based on 2010 figures.

Overall, new U.S. HIV infections have held steady at around 50,000 annually. About 12,000 are in teens and young adults, and most youth with HIV haven't been tested.

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Online:

CDC report: http://www.cdc.gov/vitalsigns

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Football leads NBC to ratings win

NEW YORK (AP) — Two football games that showed the widely divergent paths of New York's pro football teams boosted NBC to its first ratings win of the new season.

NBC aired the Jets' embarrassing loss to the New England Patriots on Thanksgiving night, and followed it on Sunday with the Giants' easy victory over the Green Bay Packers.

Those two big prime-time audiences on a holiday week enabled NBC to win its first week in the Nielsen company's ratings since it televised the Super Bowl last winter.

Lifetime's debut of the movie "Liz & Dick" starring Lindsay Lohan reached 3.5 million viewers on Sunday, Nielsen said.

NBC averaged 9.5 million viewers in prime-time for the win (5.6 rating, 9 share). CBS was second with an 8.3 million average (5.2, 9), ABC had 8.2 million (5.0, 8), Fox had 6.2 million (3.6, 6) and the CW and ION Television both had 1.2 million (both 0.8, 1).

Among the Spanish-language networks, Univision led with a 3.4 million viewer average (1.7, 3). Telemundo had 1.2 million (0.6, 1), TeleFutura had 800,000 (0.4, 1), Estrella had 240,000 and Azteca 110,000 (both 0.1, 0).

NBC's "Nightly News" topped the evening newscasts with an average of 10.2 million viewers (6.8, 12). ABC's "World News" was second with 8.3 million (5.5, 11), and the "CBS Evening News" had 7.1 million viewers (4.8, 8).

A ratings point represents 1,147,000 households, or 1 percent of the nation's estimated 114.7 million TV homes. The share is the percentage of in-use televisions tuned to a given show.

For the week of Nov. 19-25, the top 10 shows, their networks and viewerships were: NFL Football: Green Bay at N.Y. Giants, NBC, 20.85 million; NFL Football: New England at N.Y. Jets, NBC, 19.21 million; "NCIS," CBS, 16.48 million; College Football: Notre Dame at USC, ABC, 16.06 million; "NCIS: Los Angeles," CBS, 15.13 million; "Dancing With the Stars," ABC, 14.28 million; "The OT," Fox, 13.5 million; "Dancing With the Stars Results," ABC, 13.01 million; "Football Night in America," NBC, 12.8 million; "Criminal Minds," CBS, 11.53 million.

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ABC is owned by The Walt Disney Co. CBS is owned by CBS Corp. CW is a joint venture of Warner Bros. Entertainment and CBS Corp. Fox is a unit of News Corp. NBC and Telemundo are owned by Comcast Corp. ION Television is owned by ION Media Networks. TeleFutura is a division of Univision. Azteca America is a wholly owned subsidiary of TV Azteca S.A. de C.V.

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Online:

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Grim recovery forecast for U.S., global economies

WASHINGTON — In a grim new forecast, a leading international economic group sharply cut its outlook for U.S. and global growth next year and warned that the debt crisis in Europe and fiscal policy risks in America could plunge the world back into recession.

As it stands now, the industrialized world is looking at a muted and uneven recovery over the next two years, according to the Organization for Economic Cooperation and Development.

The Paris-based OECD projected gross domestic product across its 34 member nations — which include the U.S., Japan and the 17-nation Eurozone — to grow a sluggish 1.4% next year. That is down from 2.2% that the group had forecasted six months earlier.

Growth prospects in the U.S. also were slashed for next year. Experts at the OECD now see inflation-adjusted GDP, the broadest measure of economic activity, rising 2% next year in the U.S., roughly equivalent to this year and down from its earlier forecast of an increase of 2.6%.

The new projections are all the more sobering in that they are based on assumptions that Europe's debt crisis won't get much worse and that the U.S. won't go over the so-called fiscal cliff — a combination of more than $500 billion in automatic tax hikes and federal spending cuts slated to begin at the start of next year.

Quiz: How much do you know about the 'fiscal cliff'?

"If key adverse risks cannot be averted, and especially if the Eurozone crisis were to intensify significantly, the likely outcome would be considerably weaker, potentially plunging the global economy into deep recession and deflation, with large additional rises in unemployment," the OECD said.

The report, released Tuesday, is on the pessimistic side.

Although economists widely agree on the recession risks in the event that the U.S. isn't able to solve the fiscal impasse, a number of experts now say that the U.S. and global economies could see considerably stronger growth next year if Washington can reach agreement on tax and spending policies that avoid a big fiscal contraction in 2013.

"The economy in the U.S. is really poised to grow," said Bernard Baumohl, chief global economist at the Economic Outlook Group, noting that GDP growth in the U.S. could surge to a solid 3.5% or higher next year if the budget issues are resolved.

The latest forecast from the Federal Reserve, compiled in mid-September, sees U.S. GDP increasing 2.5% to 3% next year.

Baumohl's reasons for greater optimism include a recovering housing market, improving job growth and healthier personal finances, all of which should help drive stronger consumer spending.

Total consumer debt, which has fallen for four years, dropped by $74 billion to $11.31 trillion in the third quarter from the previous quarter, and it is now down $1.37 trillion from the peak in September 2008, according to a report Tuesday from the New York Fed.

Reflecting these trends, the Conference Board said Tuesday that its latest survey showed consumer confidence at its highest level since early 2008, results similar to a survey by the University of Michigan.

American business sentiments, however, have been more cautious of late, and many companies have held back on making investments in recent months. But banks are generally in good shape, and big companies are sitting on mountains of cash and are expected to ramp up investments once the fiscal and tax pictures become clearer.

The OECD report nodded to these factors, but noted that the global recovery slowed markedly over the last year amid faltering confidence and weakening world trade, in part because of problems in the Eurozone, which contributed to an unexpectedly strong slowdown in developing countries such as China.

The 17-nation Eurozone will probably remain in recession well into next year, the OECD said.

Meanwhile, Japan, the world's third-largest economy, has fallen back into a downturn after a growth spurt last year aided by massive reconstruction spending following the earthquake and tsunami in March 2011. The Japanese economy is expected to move at a lumbering pace over the next two years.

The outlook for China, Brazil and India — three of the biggest developing economies, none of which is a member of the OECD — looks comparatively brighter:  Growth will probably accelerate next year and in 2014, with China, the world's second-largest economy, again leading the pack.

The OECD forecast sees China's GDP expanding 8.5% next year and nearly 9% in 2014 after slowing this year to about 7.5%.

Although far from immune from the troubles in the U.S. and Europe, which still account for much of the global demand for goods, China and other major emerging economies have more wherewithal to boost growth than their more-indebted developed counterparts by ramping up government spending and lowering interest rates.

The report notes that spending cuts throughout OECD member countries have taken a toll on economic growth, particularly in the Eurozone, where GDP growth for next year was slashed to -0.1% from a positive rate of 0.9%.

Many developed countries are now struggling with financial and economic challenges related to an aging population, large public debts and high unemployment.

Assuming Europe's debt crisis stabilizes, the Eurozone is forecast to recover in 2014. For OECD countries overall, GDP growth is projected to pick up in 2014 to 2.3%.

The U.S. economy is expected to outperform most other OECD nations in 2014, with its GDP stepping up to a more sturdy growth of 2.8%. That compares with the Fed's forecast of 3% to 3.8% growth in 2014.

Either way, U.S. economic growth isn't likely to come close to keeping up with the rapid advance of developing countries, notably China.

Last year, the U.S. accounted for 23% of the global economy, with the Eurozone and China tied for second, each with a 17% share each.

But by 2030, the OECD estimates, China's share of the global economy will rise to 28%, while the U.S. will slip to No. 2 with 18% of world GDP, and the Eurozone's share will fall to 12%.

don.lee@latimes.com

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Bulls blow 27-point lead, fall to Bucks

When Ekpe Udoh beat the third-quarter buzzer with a jumper to cut the Bucks’ deficit to 17, Tom Thibodeau almost separated his shoulder in disgust on the sideline.

At the time, it looked like one of those moments of Thibodeau being Thibodeau, intensely demanding perfection at all times.

Instead, maybe he knew.

Thibodeau has been harping on the Bulls’ fourth-quarter failures since preseason, and his team offered another doozy of an example on Monday night at the United Center.

Blowing a 27-point lead, the Bulls dropped to 3-4 at home with a stunning 93-92 loss to the Bucks that also snapped the Bulls’ nine-game win streak in the series. The loss evoked memories of the blown 35-point lead to the Kings at home in December 2009.

Richard Hamilton, who set his Bulls’ career-high with 30 points, missed a jumper near the buzzer over strong defense from rookie Doron Lamb, who had energized the Bucks’ comeback.

Lamb, who finished with eight points and two assists in 15 minutes, also had assisted on the go-ahead basket, a power move by Udoh with 57.5 seconds left.

Udoh then blocked Hamilton’s shot at the other end and Beno Udrih stripped Joakim Noah on the follow attempt. The Bulls got new life when Udrih missed both free throws with 10.7 seconds left. But Carlos Boozer, who had 19 points and 11 rebounds, couldn’t secure the defensive rebound or save the ball from going out of bounds.

Kirk Hinrich, who reached double figures for the second straight game with 17 points, defended the ensuing inbounds pass to knock the ball off Udoh, giving Hamilton his final chance.

The Bulls led 78-51 on Hinrich’s 3-pointer with 2:50 left in the third before the Bucks’ astounding 25-2 run began. The comeback occurred with leading scorers Brandon Jennings and Monta Ellis benched.

No starter played less than 37 minutes. The Bucks’ bench outscored the Bulls’ 56-10. Ilyasova led the Bucks with 18 points. Udrih and Udoh also reached double figures off the bench with 11 apiece.

kcjohnson@tribune.com

Twitter @kcjhoop

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Privacy groups ask Facebook to withdraw proposed policy changes

SAN FRANCISCO (Reuters) - Two privacy advocacy groups urged Facebook Inc on Monday to withdraw proposed changes to its terms of service that would allow the company to share user data with recently acquired photo-application Instagram, eliminate a user voting system and loosen email restrictions within the social network.

The changes, which Facebook unveiled on Wednesday, raise privacy risks for users and violate the company's previous commitments to its roughly 1 billion members, according to the Electronic Privacy Information Center and the Center for Digital Democracy.

"Facebook's proposed changes implicate the user privacy and terms of a recent settlement with the Federal Trade Commission," the groups said in a letter to Facebook Chief Executive Mark Zuckerberg that was published on their websites on Monday.

By sharing information with Instagram, the letter said, Facebook could combine user profiles, ending its practice of keeping user information on the two services separate.

Facebook declined to comment on the letter.

In April, Facebook settled privacy charges with the U.S. Federal Trade Commission that it had deceived consumers and forced them to share more personal information than they intended. Under the settlement, Facebook is required to get user consent for certain changes to its privacy settings and is subject to 20 years of independent audits.

Facebook, Google and other online companies have faced increasing scrutiny and enforcement from privacy regulators as consumers entrust ever-increasing amounts of information about their personal lives to Web services.

Facebook unveiled a variety of proposed changes to its terms of service and data use polices on Wednesday, including a move to scrap a 4-year old process that can allow the social network's roughly 1 billion users to vote on changes to its policies.

If proposed changes generate more than 7,000 public comments during a seven-day period, Facebook's current terms of service automatically trigger a vote by users to approve the changes. But the vote is only binding if at least 30 percent of users take part, and two prior votes never reached that threshold.

The latest proposed changes had garnered more than 17,000 comments by late Monday.

Facebook also said last week that it wanted to eliminate a setting for users to control who can contact them on the social network's email system. The company said it planned to replace the "Who can send you Facebook messages" setting with new filters for managing incoming messages.

That change is likely to increase the amount of unwanted "spam" messages that users receive, the privacy groups warned on Monday.

Facebook's potential information sharing with Instagram, a photo-sharing service for smartphone users that it bought in October, flows from proposed changes that would allow the company to share information between its own service and other businesses or affiliates it owns.

The change could open the door for Facebook to build unified profiles of its users that include people's personal data from its social network and from Instagram, similar to recent moves by Google Inc.

In January, Google said it would combine users' personal information from its various Web services - such as search, email and the Google+ social network - to provide a more customized experience. The unified data policy raised concerns among some privacy advocates and regulators, who said it was an invasion of people's privacy.

"As our company grows, we acquire businesses that become a legal part of our organization," Facebook spokesman Andrew Noyes said in an emailed statement on Monday.

"Those companies sometimes operate as affiliates. We wanted to clarify that we will share information with our affiliates and vice versa, both to help improve our services and theirs, and to take advantage of storage efficiencies," Noyes said.

(Reporting By Alexei Oreskovic; Editing by Richard Pullin)

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